Skip to main content

E-filing I-T returns

 

 

AS THE last date for filing income tax return for individuals, Hindu undivided families and other non-corporate assessees — July 31 — approaches, it is time to scurry around to arrange for the requisite documents and make several calls to their tax consultants.


   For the financial year 2009-10, individual assesees with income from salary or pension, one house property and income from other sources are required to file their tax return in ITR-1 (form Saral-II). ITR-2 will be applicable to salaried assessees who have also made some capital gains or own multiple house properties.


   You can complete the process either by seeking the assistance of a chartered accountant, through the I-T department's website

(www.incometaxindiaefiling.gov.in) or portals (like TaxSmile, TaxSpanner etc) that promise to simplify the e-filing process further. If you decide to opt for the I-T department's website, there are a few points — some dos and don'ts — that you need to bear in mind while filing your I-T returns. Here are some:


   1) At the outset, you need to make sure you choose the right form. Salaried individuals should opt for ITR-1 (form Saral-II) or ITR-II, as applicable.


   2) Once the return-filing process is completed, make sure you save a copy of the excel sheet as well as the XML file for your record. This can come in handy should there be a need to file a revised return.


   3) Self-filing of return is ideal when your income composition is simple. However, if it entails items like sale of property or change in employment, it is better to enlist the services of a tax professional.


   4) If you are eligible for a tax refund from the I-T department, ensure that you mention your bank account details correctly in order to facilitate hassle-free processing of your tax refund.


   5) If you are in the process of switching jobs and intend to close your current salary account, don't forget to enter the details of another personal savings bank account other than the salary account.


   6) Remember that merely filing your return online before July 31 does not result in culmination of the process, if you have not obtained a digital signature (DS). In the absence of DS, the procedure is not completely electronic. Once you have completed filing your return online, you need to send a copy of the completed, signed ITR-5 — an acknowledgementcum-verification form generated once you are through with filing your return — to the following address: Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bangalore-560 100, Karnataka.


   7) Furthermore, you need to make sure that it is sent by ordinary post or Speed Post only, within 120 days from the date of furnishing your return online. If the same is furnished beyond this period, you will have to file your return again.


   8) Also, you are not required to submit any annexures, covering letters, pre-stamped envelopes or Form 16, along with ITR-5. This is applicable even to those who manually file their returns at the local tax offices. The income tax department's e-filing portal provides an exhaustive list of dos and don'ts pertaining to ITR-5. You would do well to go through the same, as the forms that do not conform to the specifications mentioned may get rejected or the acknowledgement may get delayed.


   9) If you do not get an e-mailed acknowledgement regarding the receipt of ITR-5 from the income tax department within reasonable time, you should send a copy of the acknowledgement form once again to the address mentioned above. This holds true for ITR-5s sent through Speed Post, too.

 

Popular posts from this blog

Mutual Fund Review: Religare Tax Plan

Tax Plan is one of the better performing schemes from Religare Asset Management. Existing investors can redeem their investment after three years. But given the scheme's performance, they can continue to stay invested   Given the mandated lock-in period of three years, tax saving schemes give the fund manager the leeway to invest in ideas that may take time to nurture. Religare Tax Plan's investment ideas revolve around 'High Growth', which the fund manager has aimed to achieve by digging out promising stories/businesses in the mid-cap segment. Within the space, consumer staples has been the centre of attention for the last couple of years and can be seen as one of the key reasons for the scheme's outperformance as compared to the broader market. It has, however, tweaked its focus and reduced exposure in midcaps as they were commanding a high premium. The strategy seems to have worked as it returned a 22% gain last year. Religare Tax Plan has outperformed BSE 100...

Good time to invest in Infrastructure Funds

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Good time to invest in infrastructure The Sensex has gained almost 10 per cent from May 15 till date, while the CNX Infrastructure Index has gained almost 17 per cent in the period. The price to earnings ( P/ E) ratio of the BSE Sensex is 18.96; for the CNX Infrastructure Index, it is 24.57. The estimated P/ E for next year is 14.04 for the Sensex. Of the 24 companies that make up the CNX Infrastructure Index, six have a P/ E higher than 20. Does this mean infrastructure is fairly valued? Or, has it run up quite a bit? According to experts, barring stray companies, the infra sector is fairly valued and it is a good time to invest. Even if some companies are facing debt restructuring problems, once interest rates come down and regulatory norms become flexible, they will start giving good re...

Stocks with a high dividend yield

Buy Gold Mutual Funds Invest Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Call 0 94 8300 8300 (India) Stocks with a high-dividend yield can provide investors additional cash flow. More importantly, it is tax-free   With April 2011 just over, the 'earnings season' is well and truly here. This is the time most companies pay out a portion of their profits as dividends to shareholders. Since dividends are tax-free, they are an attractive income source with a select class of investors, who depend on these for additional cash flow. SIGNIFICANCE A company doing well and generating profits will usually be in a position to declare dividends regularly. Hence, a key parameter one should look at whilst investing in a stock is whether the company has a good dividend record. Typically, dividend yield stocks are large-caps and generally not capital-intensive. This is suggestive of the fact that the downside risk on...

Mutual Funds: Past Performance is not just everything

Many a times your agent / distributor / relationship manager tries to push you some mutual fund schemes by enticing you with a typical sales pitch…"Sir, this scheme has generated 20% returns in the past one year." And this sales pitch often gets louder when the market conditions have been favourable. Some of the agents / distributors / relationship managers have another unique way of luring you. They say, "Sir / madam this scheme has been awarded the best scheme award in the past by a leading business channel"... And hearing all these sales talks you investors very often get attracted and sign a cheque in favour of the respective scheme.   But please ask yourself do you hear these sales talks when the capital markets turn turbulent? Why is it so that your agent / distributor / relationship manager avoids talking to you during turbulent times of the capital markets and doesn't boast about returns generated by the respective funds or awards being conferred on t...

Insurance Representation

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 Insurance Representation Statements made by applicants on their applications for insurance that they represent as being substantially true to the best of their knowledge and belief but that are not warranted as exact in every detail. For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call Leave a missed Call on 94 8300 8300 Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com --------------------------------------------- Invest Mutual Funds Online Invest Any Mutual Fund Online Download Mutual Fund Application Forms from all AMCs Download Mutual Any Fund Application Forms --------------------------------------------- Best Performing Mutual Funds Largecap Funds Invest Online DSP BlackRock Top 100 Fund ICICI Pr...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now